Announcements

NEW Residential Property Disclosure Form

CANNOT be used before Jan. 1, 2004; MUST be used beginning Jan. 1, 2004

The much anticipated revisions to the new Residential Property Disclosure form have been adopted by the Ohio Real Estate Commission. However, according to the Ohio Division of Real Estate the new form CAN NOT be used before Jan. 1, 2004.  After that date you MUST begin using the revised form.  REALTORS® could face possible disciplinary action if this form is used prior to Jan. 1.

The new form is now 4 pages.  Printed forms will be available in the CBR Member Service Center in December.  Cost for the set of 50 sheet pads is $9.  The form will also be available on the CBR web site and in our PCF online forms package.

New CBR Sales Contract expected DOA - March 1

Don’t order new contracts or update your software just yet as the new CBR standard sales contract is expected to be approved and ready by March 1, 2004.  The contract has undergone intense scrutiny over the last year and is now in its final stages of review.  If approved in January, we’ll include details of the changes in the next issue of the magazine as well as on the web site. 

Barbara Lach to be installed as 2004 OAR President

On Monday, January 12, 2004, CBR’s Barbara Lach will be installed as 2004 president of the Ohio Association of REALTORS®.  The inaugural festivities begin with a reception at 6:45 p.m., the dinner and installation are at 7:30 p.m., followed by dancing 9:30 - 11:00 p.m.  Join local members as well as REALTORS® from across Ohio as we honor one of our own to this esteemed position.

Fast track to NAR’s Appraisal Designations

NAR’s Appraisal Committee approved a fast track program for REALTOR® appraisers interested in earning the Residential Accredited Appraiser (RAA) and General Accredited Appraiser (GAA) designations. Certified appraiser members who also hold qualifying affiliate designations (CCIM, CRE, CPM, CRS, SIOR, ALC) may automatically meet the appraisal designation requirements. For more info, Go To: http://www.REALTOR.org/appraisal

Tax ID now required for real property transactions

In November, IRS rules went into effect requiring non-U.S. taxpayers (individual or organization) to obtain a tax identification number when selling property. This requirement will better enable the IRS to match their withholding forms and other tax related material to their tax return. The non-U.S. seller will either have had to obtain, or apply for, a Tax Identification Number by settlement. This provision may impact the timing of some settlements involving non-U.S. taxpayers but does not change or add to the overall responsibilities of REALTORS®.

Homeowners Insurance Hikes predicted for 2004

Homeowners insurance premiums are expected to rise 8 percent nationwide in 2004, according to the Insurance Information Institute, even though rates already increased 6.9 percent in 2003. Increased storms, hurricanes, floods, wildfires, and other natural events largely account for the higher costs. Insurers have been saddled with more than $12 billion in catastrophic losses this year, and amid increased competition in the marketplace, companies are struggling to restore their capital and profits.

Insurance companies are also trimming coverage, including eliminating guaranteed full replacement costs for homes. Meanwhile, some insurance providers are trying to reduce coverage in risky areas—some companies are even removing themselves from markets where they weren’t top players.

Have you signed up for a 2004 CBR Committee?

There’s still time.  Remember, if you intend to apply for a Million Dollar Club award this year, committee membership satisfies the industry requirement. Sign up via the CBR web site www.ColumbusRealtors.com

2004 BIA Parade of Homes Sherman Lakes, Delaware County

The BIA 2004 Parade of Homes will be held June 12-27 at Sherman Lakes — a subdivision along the eastern edge of Alum Creek Reservoir in Berlin Township in Delaware County. This site selection marks the most northern central Ohio Parade of Homes site to date and will feature 21 Builders: American Heritage Homes, Amerihomes, Beazer Homes, Benchmark Homes, Dominion Homes, Gossing Construction. J. Betts Builders LTD, Joshua Homes, Lakewood Builders, Inc., Maronda Homes, McCathern Custom Homes, Medallion Homes, M/I Homes, Mobley Homes, Ohio Builders, Inc., Rockford Homes, Today Homes, Trinity Homes, Truberry Group, Wyndfield Homes and 3 Pillar Homes.

M/I Homes will build the 2004 Foundation Home, of which proceeds from the sale of the Foundation house will go towards the BIA Charitable Foundation.

Housing Affordability is a voting issue

Two out of three Americans are concerned about the cost of housing in their communities, and 67 percent would be more likely to vote for a candidate who works to make housing more affordable, according to the National Housing Opportunity Pulse, according to a survey released by the National Association of REALTORS®.

The survey found that people worry about affordable housing just as much as they worry about affordable health insurance, and only slightly less than jobs and unemployment.

In addition, 71 percent would like to see government place a higher priority on making housing more affordable for renters and homeowners alike. Local, state and federal governments received a grade of “C” from their constituents for their work on affordable housing.

By a wide margin, Americans support the construction of more affordable housing, both rental and ownership, in their communities if the housing fits in with the area. Sixty-two percent of Americans are concerned about the impact the rising cost of housing has on teachers, firemen, police and others on whom communities depend and 81 percent support the construction of affordable homes for these public employees.

Most Americans also worry that their children and grandchildren will not be able to afford to live close to them (51 percent) and that the cost of a home is getting so unaffordable that it is hurting their local economy (56 percent).